The latest consumer prices index (CPI) remained at 2.4 percent for the second consecutive month, according to the Office for National Statistics (ONS).

This went against economists predictions of the rate to hit 2.6 percent amid rising oil prices globally.

The ONS revealed that the average cost of petrol rose by 4.6 pence a litre between April and May to 125.3 pence last month, marking the highest level since October 2014.

Overall, the falling price of computer games, sweets and chocolate helped to offset the rising price of petrol for consumers.

Commenting on the effect of computer games, the ONS said: “Prices for these games are heavily dependent on the composition of bestseller charts, often resulting in large overall price changes from month to month.”

The news helped to send the pound lower to $1.3321, down 0.37 per cent on the day, as traders backed away from the possibility of an imminent interest rate hike from the Bank of England (BoE).

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